But the actual regulations—under which schools wouldn’t be eligible for federal financial aid if average graduates need to spend more than 8 percent of starting salaries to service student loans—will not destroy for-profit colleges and throw many students out of higher education, as proprietary schools suggest. According to a new paper by Ben Miller over at Education Sector:

Out of more than 12,600 programs, about 4 percent, or just over 500 programs, would lose eligibility because of the new standard. This includes 8 percent of bachelor’s degree programs, 6 percent of associate degree programs, and 1 percent of programs that are generally certificate programs of two years or less.

But something else would change, however. As Miller explains:

A much larger number—some 65 percent—are likely to fall in a middle ground between full eligibility and total ineligibility called “eligible with a debt warning,” which requires colleges to, among other things, post prominent cigarette pack-style “debt warnings” alerting potential students to the likelihood that enrolling could be hazardous to their financial health.

This would allow for-profit colleges to remain open, and profitable, but they’d have to operate a little differently. College would have to reconfigure tuition polices relative to student debt, and might have to change their career services.